Financial services data (e.g., market data feeds) transmit real-time quote and trade related data associated with various investment instruments to institutional or individual investors. The institutional or individual inventors can make decisions (e.g., on the spot decisions) about buying or selling investment instruments based on the financial services data. Financial services data can also be used to project pricing trends and/or calculate market risks on portfolios of investments.
Current systems that receive financial services data typically verify that they have received data in an expected format based on checking the fields of the received data.
Financial services data typically has a known format, e.g., known fields at particular locations, such that a system that receives the market data feed can determine whether the data it received is the data it expects. If the received data deviates from the known/expected format, then the system can alert users that there is a problem with the format of the received data.
Beyond detecting defective format issues, current systems lack a mechanism for validating that the value of financial services data is not erroneous and/or is meaningful. For example, for a market data feed containing a trade quote, if the trade quote jumps a large percentage (e.g., %300 percent) in less then an amount of time (e.g., a minute) there is likely an error in the value of the trade quote. Current systems do not detect the error in the data because they lack a mechanism for validating that the value of the data is erroneous.
Therefore, it is desirable to verify received market data beyond verifying that the data is in an expected format.